1710 G Ave Parchment, MI 49004

This exceptional 16-unit apartment building in Parchment, Michigan, presents a compelling investment opportunity. Located on a 0.86-acre lot at 1710 E G Ave, 49004, this stabilized multifamily property boasts a 94% occupancy rate, generating a strong pro-forma NOI of $141,287 and a 7.25% pro-forma cap rate. The asking price is $1,950,000, or $121,875 per unit. Built in 1973 and extensively renovated in 2022, the property comprises two buildings housing 11 two-bedroom/one-bathroom units and 5 one-bedroom/one-bathroom units. Recent capital improvements include a new roof, boiler, AC units, and a resurfaced parking lot, minimizing future maintenance expenses. The property's prime location near schools and major employers, with easy access to Gull Road and shopping, ensures consistent tenant demand. The current tenant occupancy is 15 units, with one unit nearing lease completion. This turnkey investment offers immediate cash flow potential and includes an assumable mortgage with a below-market interest rate. This is a rare opportunity to acquire a well-maintained, high-performing multifamily asset in a desirable Michigan location.